Surge in Acquisitions for Broadstone Net Lease
Total ownership increases to more than 200 properties in 29 states
ROCHESTER, N.Y., Jan. 7, 2014
ROCHESTER, N.Y., Jan. 7, 2014 /PRNewswire/ --Broadstone Real Estate LLC
continues to grow its nationwide portfolio of triple-net leased properties.
The company announced today that Broadstone Net Lease (BNL), its private Real
Estate Investment Trust (REIT), acquired 41 properties during 2013 at a
combined purchase price of over $188 million. The BNL portfolio now has a
total market capitalization of over $750 million.
Nearly half of the acquisition volume during the past year took place in the
fourth quarter, when BNL acquired 20 properties for more than $102 million.
The acquisitions included medical facilities in Virginia and Alabama, retail
automotive properties in California, a portfolio of eight wholesale landscape
supply properties in six states, and industrial facilities in Illinois,
Michigan and Colorado.
The largest fourth-quarter acquisition was the 165,000 square foot Johnstown,
Colo., facility of Fiberspar, a subsidiary of National Oilwell Varco, which
manufactures flexible, corrosion-resistant piping for the oil and gas
The REIT also selectively sold properties totaling approximately $20 million
during the year. In total, Broadstone Net Lease increased its net holdings to
203 properties in 29 states.
"With going-in yields on acquisitions still significantly exceeding our cost
of long-term debt and equity capital, there are ample opportunities to make
accretive acquisitions," saidAmy Tait, Broadstone chairman and CEO. "These
compelling additions continue to strengthen the quality of our portfolio while
also increasing our diversification by industry, geography and tenant."
"Our conservative and flexible capital structure allows us toexecute rapidly
on very favorable transactions, while the expertise of our acquisitionsand
legal teams ensures adherence to vigorousunderwriting and due diligence
standards," explained Tait. "In the fourth quarter of 2013, we continued to
utilize theUPREIT structure to acquire real estate from sellers seeking to
defer taxes, receiving units in BNL in exchange for property."
Broadstone Net Lease Inc. invests in freestanding, single-tenant, absolute
net-leased properties locatedthroughout the United States. With a diversified
portfolio of medical,industrial, restaurant, convenience store and specialty
office properties, the REIT targets acquisitions within the $5to $50 million
There are over 700 accredited investors in BNL, which is externally managed by
Broadstone Real Estate LLC, a certified Woman Owned Enterprise. BNL remains
open for new investment by accredited investors on a monthly basis, with a
minimum investment of $250,000. For more information, visit Broadstone's
website at www.broadstone.com or contact the firm's Investor Relations team.
SOURCE Broadstone Real Estate, LLC
Contact: Acquisitions Contacts: Sean Cutt, Vice President, Acquisitions,
firstname.lastname@example.org, 585.287.6469; Brandon Tones, Vice President,
Acquisitions, email@example.com, 585.287.6468; Investor Relations
Contacts: Dave Kasprzak, Vice President of Investor Relations,
firstname.lastname@example.org, 585.287.6475, Chris Brodhead, Director of
Investor Relations, Chris.email@example.com, 585.287.6499
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